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Today’s release of the interim report of the Royal Commission into Financial Services, Insurance and Superannuation, marks a day of shame for Australia’s banks.
Today’s release of the ASIC report into compliance with breach reporting obligations shows that banks need to identify, report and fix issues more quickly to regain customer trust and ensure they comply with the law.
Australia’s fresh fruit farmers, including strawberry farmers, affected by the ‘fruit sabotage’ issue are being urged to contact their bank to access the assistance on offer which can include deferred loan payments, waiving fees and restructuring loans.
The new Banking Code of Practice standards, recently approved by ASIC, should be adopted across the entire industry and include banks which aren’t members of the Australian Banking Association (ABA) such as credit unions, building societies and other lenders to ensure there are no gaps in protections for customers.
Speech by Anna Bligh, Chief Executive of the Australian Banking Association, to the COSBOA Vodafone National Small Business Summit.
Australia’s mortgage broking industry has ended the use of volume-based bonus commissions, campaign-based commissions, and other volume-based bonus payments. This is one of the main findings of an interim report prepared by the Combined Industry Forum.
Restoring trust and confidence in Australia’s banks through an open and transparent industry is the joint goal of Government, regulators and the sector. Banks will work proactively and in good faith with ASIC on the measures announced today to improve monitoring of regulation and increase the transparency of the financial services industry.
Australian banks welcome competition and compete not only through price, but through constant innovations to product features and experiences. Banks are constantly working to ensure customer satisfaction and the availability of quality products.
Superseded version – this is the original version of the Banking Code of Practice approved by ASIC and published in August 2018. It does not included amendments approved by ASIC in June 2019.
Australian bank customers will be the big winners from the approval of the new Banking Code of Practice by the Australian Securities and Investments Commission.
Farmers affected by the worsening drought crisis in NSW and Queensland are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans. The drought assistance has been readily available during the drought, already helping many customers.
Australia’s banks have today backed the Federal Government’s move to limit cash payments to $10,000 to tackle the ‘black economy’, however have highlighted the need for any reform to be implemented carefully.
Australians use credit cards for a wide range of reasons, from paying for that overseas holiday to helping spread out payments and reduce financial stress when several bills come in at once.
Today the Australian Banking Association has elected David Carter, CEO of Suncorp as new Deputy Chair to replace the retiring Mike Hirst.
Australia’s four major banks have reached an agreement to protect vulnerable customers from being unfairly treated in the new mandatory Comprehensive Credit Regime.